PANews reported on November 27th that, according to Elobservador, Tether Holdings Ltd. confirmed to the Uruguayan Ministry of Labor and Social Security (MTSS) that it will cease operations in Uruguay and lay off 30 of its 38 employees. Since entering Uruguay, Tether planned to invest $500 million, including building three data processing centers in Florida and Taqualumbo provinces, with an estimated power consumption of 165 megawatts; it also planned to build a 300-megawatt wind and solar power park. Of the total investment, over $100 million had already been secured, with an additional $50 million allocated to infrastructure construction, which will be owned by the Uruguayan Electricity Company (UTE) and the National Interconnected System. The company warned that continuing the project under current conditions is economically unfeasible. The 31.5 kV transmission contract model and associated costs in Florida have increased operating costs, despite Tether's repeated applications for more competitive pricing since November 2023. Among the proposed alternatives, the company suggested switching to 150 kV transmission and amending the power purchase agreement, a solution that could have been economically beneficial for Uruguay's power company and avoided unnecessary construction work.PANews reported on November 27th that, according to Elobservador, Tether Holdings Ltd. confirmed to the Uruguayan Ministry of Labor and Social Security (MTSS) that it will cease operations in Uruguay and lay off 30 of its 38 employees. Since entering Uruguay, Tether planned to invest $500 million, including building three data processing centers in Florida and Taqualumbo provinces, with an estimated power consumption of 165 megawatts; it also planned to build a 300-megawatt wind and solar power park. Of the total investment, over $100 million had already been secured, with an additional $50 million allocated to infrastructure construction, which will be owned by the Uruguayan Electricity Company (UTE) and the National Interconnected System. The company warned that continuing the project under current conditions is economically unfeasible. The 31.5 kV transmission contract model and associated costs in Florida have increased operating costs, despite Tether's repeated applications for more competitive pricing since November 2023. Among the proposed alternatives, the company suggested switching to 150 kV transmission and amending the power purchase agreement, a solution that could have been economically beneficial for Uruguay's power company and avoided unnecessary construction work.
Tether confirmed to the Uruguayan Ministry of Labor that it will cease operations in the country.
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PANews reported on November 27th that, according to Elobservador, Tether Holdings Ltd. confirmed to the Uruguayan Ministry of Labor and Social Security (MTSS) that it will cease operations in Uruguay and lay off 30 of its 38 employees. Since entering Uruguay, Tether planned to invest $500 million, including building three data processing centers in Florida and Taqualumbo provinces, with an estimated power consumption of 165 megawatts; it also planned to build a 300-megawatt wind and solar power park. Of the total investment, over $100 million had already been secured, with an additional $50 million allocated to infrastructure construction, which will be owned by the Uruguayan Electricity Company (UTE) and the National Interconnected System.
The company warned that continuing the project under current conditions is economically unfeasible. The 31.5 kV transmission contract model and associated costs in Florida have increased operating costs, despite Tether's repeated applications for more competitive pricing since November 2023. Among the proposed alternatives, the company suggested switching to 150 kV transmission and amending the power purchase agreement, a solution that could have been economically beneficial for Uruguay's power company and avoided unnecessary construction work.
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